Feds shutdown rapid refund loans

Every January as we greet the New Year, many of us turn our thoughts to that long anticipated tax refund and for a lot of people that money can’t show up fast enough. This is where H&R Block’s Rapid Refund has become a godsend for many people but for millions of the tax preparer’s customers who relied on the short-term loans backed by their expected tax refunds, that option will no longer be available. Block’s banking partner, HSBC was forced by federal regulators to stop offering the loans and the bank has terminated its relationship with the company.